Real estate market conditions for the month of July show a slight increase in inventory from the previous month which is normal since July is historically one of the slowest months of the year (December being the first). From the graph it is evident which price ranges are moving the most.
Miami Shores - shows the most inventory in the $400k to $600K range, but it also shows the most sales for the same price range. The months of inventory has dropped to 22 which shows the market is slowly stabilizing.
Bay Harbor Islands - shows the most inventory in homes priced above $1 million, but the most sales happened for the price range between $800k-$1 million. The amount of inventory remains the same except there are different homes on the market (some have dropped and some have joined).
Surfside - shows the most inventory in the range between $600k-$800K - and most sales in the range between $400k-$600k. Surfside's inventory keeps rising, while sales are very limited.
El Portal - shows the most inventory in the range between $400k-$600k - and most sales in the range between $200k-$400K. Good news for El portal, the months of inventory has dropped since the amount of sales has increased, but not considerably.
There are currently 203 single-family listings in Miami Shores, Florida:
- Highest priced listing: $4,500,000
- Lowest priced listing : $275,000
- Properties currently under contract: 15
- Closed properties since 1/1/2007: 64 (14% of 2007 sales closed in July)
- According to the closed sales - there are 22 months of inventory in Miami Shores alone.
There are currently 22 single-family listings in Bay Harbor Islands, Florida:
- Highest priced listing: $5,800,000
- Lowest priced listing : $575,000
- Properties currently under contract: 1
- Closed properties since 1/1/2007: 4
- There are currently 38 months of inventory in Bay Harbor Islands with no closings in the month of July.
There are currently 82 single-family listings in Surfside, Florida:
- Highest priced listing: $4,900,000
- Lowest priced listing : $450,000
- Properties currently under contract: 7
- Closed properties since 1/1/2007: 25
- There are currently 23 months of inventory in Surfside with 1 closing in the month of July.
There are currently 52 single-family listings in El Portal, Florida:
- Highest priced listing: $925,000
- Lowest priced listing : $260,000
- Properties currently under contract: 2
- Closed properties since 1/1/2007: 5
- There are currently 72 months of inventory in El Portal with 2 closings in the month of July.
If you are a seller, not only do you have to make sure that marketing of your property is aggressive, but you need to put extra effort in making your property easily available for showings, as well as making sure it shows beautifully. The change in real estate market conditions should be used as a guide for how much effort to put into marketing a property. For more specific information make sure you read this great article by Mariana Wagner, Top 5 Tips for Selling Your Home in a Down Market.
Buyers, it is an easy time to be indecisive. Seeing a lot of properties and not knowing how to pick can be mind boggling. Make sure you sit down with a Miami Realtor and list what factors in the buying process are most important to you and which features you can't live without. Working with someone that knows the area's inventory should ease the pain.
It is evident in the real estate market reports from the last 3 months that the market is still soft, but slowly starting to correct itself. People constantly ask us how long this down market will last and we only wish to have a crystal ball with all the answers. We can tell you that we don't see any drastic changes coming our way any time soon. For sellers it means patience, for buyers it means focus.
If you are interested in seeing any other dade-county cities mentioned in these marketing reports, please leave a comment or send us a quick note. We will be glad to oblige.